Neil Gregory Almstead Sells 5,323 Shares of PTC Therapeutics (NASDAQ:PTCT) Stock

PTC Therapeutics, Inc. (NASDAQ:PTCT) insider Neil Gregory Almstead sold 5,323 shares of PTC Therapeutics stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $85.03, for a total transaction of $452,614.69. Following the transaction, the insider owned 60,137 shares in the company, valued at approximately $5,113,449.11. The trade was a 8.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Neil Gregory Almstead also recently made the following trade(s):

• On Thursday, June 25th, Neil Gregory Almstead sold 20,960 shares of PTC Therapeutics stock. The stock was sold at an average price of $85.97, for a total value of $1,801,931.20.
• On Monday, June 22nd, Neil Gregory Almstead sold 23,749 shares of PTC Therapeutics stock. The shares were sold at an average price of $80.90, for a total value of $1,921,294.10.
• On Wednesday, April 1st, Neil Gregory Almstead sold 52,003 shares of PTC Therapeutics stock. The stock was sold at an average price of $69.04, for a total value of $3,590,287.12.

PTC Therapeutics Price Performance

NASDAQ:PTCT opened at $84.43 on Friday. The stock has a market cap of $7.00 billion, a PE ratio of -36.24, a price-to-earnings-growth ratio of 3.88 and a beta of 0.56. PTC Therapeutics, Inc. has a fifty-two week low of $43.17 and a fifty-two week high of $87.50. The stock’s 50-day moving average is $72.57 and its two-hundred day moving average is $72.12.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.42. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The business had revenue of $272.55 million during the quarter, compared to analyst estimates of $217.42 million. During the same period in the prior year, the firm earned $10.04 earnings per share. The firm’s revenue was up 43.5% compared to the same quarter last year. On average, equities research analysts anticipate that PTC Therapeutics, Inc. will post 0.78 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on PTCT. Weiss Ratings cut PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Wells Fargo & Company lifted their price target on PTC Therapeutics from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Raymond James Financial initiated coverage on PTC Therapeutics in a research note on Friday, April 10th. They issued an “outperform” rating and a $108.00 price target for the company. Truist Financial upgraded PTC Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Royal Bank Of Canada raised their price objective on shares of PTC Therapeutics from $81.00 to $82.00 and gave the company a “sector perform” rating in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.36.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky raised its position in shares of PTC Therapeutics by 86.9% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 40,858 shares of the biopharmaceutical company’s stock valued at $3,103,000 after purchasing an additional 19,000 shares during the period. Thrivent Financial for Lutherans bought a new stake in shares of PTC Therapeutics during the 4th quarter worth $4,191,000. Jefferies Financial Group Inc. acquired a new position in PTC Therapeutics in the 3rd quarter valued at $97,252,000. Ritholtz Wealth Management acquired a new position in PTC Therapeutics in the 4th quarter valued at $1,863,000. Finally, Comerica Bank raised its holdings in PTC Therapeutics by 3,231.9% in the 4th quarter. Comerica Bank now owns 17,426 shares of the biopharmaceutical company’s stock worth $1,324,000 after acquiring an additional 16,903 shares during the period.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.